By Binance, the world’s largest cryptocurrency exchange by adjusted trading volume recently announced that it’s revamping its internal policies and cracking down on certain users.
Based in Malta, the cryptocurrency exchange announced on Friday morning that it is currently reviewing user accounts in an effort to ensure they abide by Binance’s terms of use and know-your-customer (KYC) procedures. Anyone in violation of its policies will have their deposit and trading permissions removed.
As per an updated term of use agreement on the exchange’s site which was revised on June 14th: “Binance is unable to provide services to any U.S. person.”
This update comes less than 24 hours after Binance announced that it was expanding to the U.S via a new platform. In addition to this, the exchange previously stated that it would bolster its compliance and security through several partnerships, including Chainalysis, a software firm and IdentityMind, a KYC/AML tool firm.
The exchange stated:
“Binance constantly reviews user accounts to improve our platform security and to comply with global compliance requirement. Accordingly, some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Terms of Use. Binance regrettably cannot continue to serve users who are found to have violated the Terms of Use and are unable to demonstrate otherwise.”
Furthermore, the exchange stated that as of September 12 2019:
“users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.”
Prior to this announcement, Binance listed 15 countries and six states American (including New York) on a restricted countries list.
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